Category Archive : Economy

LAS VEGAS, NV – This week, work has begun on the construction of a new pedestrian bridge over the famed Las Vegas strip, a project that city officials say will help to deal with the increased foot traffic that has been drummed up with increased tourism over recent years.

A groundbreaking ceremony was held this week, which was attended by local city officials and representatives, signaling the official kick-off of work on the elevated crosswalk.

The bridge, which is expected to take approximately nine months to complete from start-to-finish, is expected to officially open in July of 2019; it will span the Las Vegas Strip between the Showcase Mall and Park MGM casino hotel at Park Avenue.

The reason for the bridge, according to Clark County Commissioner Jim Gibson, is that the area regularly has over 11,000 pedestrians at any given time, and the new bridge will afford them a way to more safely traverse the traffic-heavy boulevard.

Currently, there are 16 pedestrian bridges on the Las Vegas Strip, with the original two first built in the mid-1990’s where Las Vegas Boulevard South and Tropicana Avenue intersect; the last bridge was constructed and opened in 2012 at the intersection of Las Vegas Boulevard and Harmon Avenue.

Local residents have been expressing their approval of the new addition to the Boulevard, with many expressing frustration at the difficulty of crossing the busy roadway in a timely fashion. The new pedestrian bridge, many say, is a welcome addition, although more are needed to truly address the problem.

In addition to creating smoother and faster access for pedestrians to cross the busy Boulevard, reports indicate that the new pedestrian bridge should also assist with traffic congestion as well. With the difficulty in crossing the street on the Las Vegas Strip, many pedestrians tend to jaywalk or dodge traffic to get across, often tying up traffic in the process. In addition, intersections often get congested as well, with pedestrians continuing to cross even after traffic lights have turned red.

No lane closures are expected on the Las Vegas Strip during construction; restrictions may occur at points, however.

Funding for the construction of the new pedestrian bridge comes from Las Vegas’ hotel room tax, with the city taking approximately one percent off the top for the project; in addition, the tax also funded a series of sturdy, short, vertical posts installed along the Las Vegas Strip that contribute to pedestrian safety.

If you are considering relocating to the Las Vegas area which is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

LAS VEGAS, NV – While the nation is keeping their eyes on the ever-evolving and expanding housing market of Las Vegas, Nevada, a directly-related market that often gets overlooked – the rental market – is also experiencing a massive period of growth. Much like homesteads in the region, rental units, such as apartments and condominiums, are in big demand, short on supply, and growing in price.

Las Vegas rental prices are increasing at one of the fastest rates in the United States, according to reports, while vacancy is at an all-time low; essentially, this means that there aren’t enough rentals to go around, and that’s driving prices up to significant levels. Developers are in the midst of efforts to create more apartment buildings and condos to satisfy demand, but at the moment they’re falling short of necessary construction goals.

Currently, the typical Las-Vegas-based apartment in the third quarter of 2018 is pulling in an average rent of $1,020, which represents a jump of 5.8 percent from the same period in 2017. While this amount is far below the average price of an apartment in other, more expensive regions of the county – which lies in the $1,300+ range, currently – it still is an increase of 5.8 percent from one year ago, which means that prices in Vegas, while still more affordable than the national average, are still going up at record speed. The availability of rental units in Vegas is a large contributor to the rental hikes as of late, reports show- currently, the vacancy rate for apartments and condos in Southern Nevada stands at 3.6 percent.

However, homes rentals are also feeling the squeeze, with prices increasing at similar rates as they are for apartments; as of press time, rent for a single-family home in Vegas for June has jumped 5.7 percent over the same period in 2017, and while it has been surpassed in recent months by other cities, in early 2018 Vegas had the fastest-climbing rental rates in the United States. Southern Nevada boasts a large number of rental homes on the market, due to the fact that investors bought numerous houses on the cheap during the recession and have since retained the majority of them (as opposed to selling) rental properties.

As the region’s economy recovered and bounced back after the recession ended, the influx of new businesses and jobs greatly increased, along with the number of newly-transplanted residents; as a result, housing demand grew…along with rental prices. As mentioned before, developers are struggling with producing new housing options for residents hungry for shelter, but until they catch up, demand – and, correspondingly, prices – is sure to continue its upward ascent.

If you are considering investing in or around the Las Vegas area give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – In keeping with current market trends that see the demand for housing options in the Las Vegas real estate market, housing prices have continued to climb in the region, recently hitting a high point not seen in over a decade, according to reports.

For the first time in 11 years, the average median price of a home in Vegas in 2018 has reached $300,000, which represents an increase of 1.7 percent from August and a whopping jump of over 13 percent from the same period one year ago, when the median price was $265,000.

The last time Southern Nevada saw house prices such as these was way back in 2007, while the region was on the cusp of the recession; at the time, prices topped out at approximately $305,000. The highest the market ever reached in terms of peak pricing was June of 2006, where the average median price of a home was $315,000.

In contrast, the bust of the housing bubble in Las Vegas saw that average hit a shocking low in January of 2012 of $118,000.

Meanwhile, condominium prices have seen similar climbs recently, as many new families and individuals moving to the area are scrambling to get their hands on anything they can; the median price of Vegas condos and townhouses hit $170,000 as of this past September, a huge leap of over 21 percent from September of 2017.

A great part of these skyrocketing prices is due to the fact that, despite the best efforts of local developers, Southern Nevada is still in the grips of a housing shortage, with realtors reporting a mere two month supply currently available. For what is considered a “stable” market, typically a six-month supply is needed in order to keep prices from driving up too quickly.

As a result, developers and contractors have been doubling their efforts and increasing hires, but the needed workforce is still not at levels that needed, despite increased salaries being offered. However, nonetheless, work is progressing – albeit slowly – and new homes and condos are being erected as a gradual pace that should serve to balance Las Vegas’ real estate market, ensuring that home prices don’t box out first-time home buyers on a budget.

Another issue contributing to the housing shortage – and the subsequent rise in housing prices – are the large number of rental homes owned by local investors that are not being put on the market for sale; if these investors decided to sell as opposed to hanging onto their numerous rental properties, it could also help alleviate some of the strain on the market.

Housing prices in Las Vegas have been increasing at the fastest rates in the United States over the past 12 months. If you are considering investing in or around the Las Vegas area give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – After a lengthy reign of 21 months in a row, Seattle Washington has been kicked to the curb by Las Vegas, Nevada as the number one real estate market in the United States, according to a recently-released report. Las Vegas took first place in the latest release of the monthly Case-Shiller home price index with a jump in property sales of 13 percent in August, an increase over the previous month’s of 12.6 percent.

After a devastating hit to the housing market in Southern Nevada during the mid-2000’s recession – homes lost as much as 60 percent or more of their value and foreclosures were at six times the national average – Las Vegas has bounced back significantly in recent years as the local economy has improved and the job market has stabilised and grown. Shrinking real estate inventory coupled with growing demand and rising prices have resulted in home prices increasing to double what they were during the depths of the recession, with few signs of that upward trajectory slowing down any time soon.

Las Vegas also ranks highly nationally in terms of population and employment growth while low in unemployment, which also plays a factor in terms of home prices and sales. The price of a median single family home in Las Vegas is currently $290,000 – in the neighbourhood of average when compared to national statistics – which represents a massive bargain when compared to a place such as Seattle, where a family can expect to pay up to a whopping $805,000 for the very same type of property.

Another reason for Vegas’ rapid growth as it relates to its current Case-Shiller index ranking is that its real estate market had been devalued so greatly during the recession that any growth would have a comparatively large impact on its gains in terms of overall national rank. However, that in no way takes away from the impressive significance of Vegas’ current status as the king of the housing hill in America, as there are numerous other factors at play that determine the overall national ranking.

Seattle’s market had been the second longest-running on the monthly Case-Shiller home price index in the 31 years they have been tracking the real estate market nationally; the only city coming in higher had been Portland, Oregon with 23 straight months in the 1990’s. However, Seattle has been experiencing a drop both property prices and sales recently, and experts expect this trend to continue when the next Case-Shiller index is released, as the report reflects a three-month average. Las Vegas, in comparison, has been experiencing an upward climb for a significant amount of time now, so it is likely that the next Case-Shiller index will continue to reflect its number one national ranking for some time to come.

If you are considering investing in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

LAS VEGAS, NV – House flipping – the act of purchasing a home, fixing it up, and putting it back on the market in order to turn a profit – has been a popular way to make money in the real estate field for many years, but recently the market has seen its profit margins slipping nationally… almost everywhere except in Las Vegas, that is, where the practice remains both lucrative and very popular.

According to reports, approximately 7.7 percent of the homes sold in the Las Vegas region in the second quarter of 2018 consisted of flips; compare this to the overall national average of homes sales, of which flips accounted for 5.2 percent and falling, real estate experts say. Only a mere handful of other cities in the United States come in at higher levels, among them Memphis, Tennessee with 9.7 percent; Clarksville, Tennessee at 8.2 percent; and Atlantic City, New Jersey, at 7.9 percent.

However, none of those regions have experienced the rapid and consistent growth that Las Vegas has in recent years, which can be attributed to the ongoing economic uptick in the area, with money, businesses, and jobs flowing into the area, spurred on by a rapidly-recovering real estate market after a near decade of dormancy following the mid-2000’s recession.

However, even before and during the burst of the housing bubble, house flipping had been big money in Las Vegas; before the recent recovery of the economy, flipping was nonetheless big thanks to the ease of acquiring bank loans, which many flippers took advantage of. But with the resurgence of the market in the last few years, flipping has taken on a new significance in Southern Nevada, and with time the practice could overtake other areas and make Las Vegas number one.

On average, house flippers in Las Vegas during the second quarter of 2018 saw a healthy return on their efforts to the tune of approximately $54,000 or more in terms of profit for houses sold, or a nearly 28 percent return on their investment. This amount accounts for the money spent acquiring the property, but not for any subsequent expenditures encountered while renovating and/or improving the house itself before it had been sold. But with careful work done with economy – and quality – in mind, flippers can minimise their costs while maximising their profits.

House flipping in Las Vegas is maintaining its reputation as a profitable and sure-fire way to turn a quick buck in one of the hottest real estate territories around, so if you have the money, time, and wherewithal, it’s something that anyone interested in hard work and high rewards should seriously consider undertaking. With homes in the Las Vegas market still in high and ever-increasing demand, it only makes sense to get in on the action while it’s still hot in one of the fastest-climbing housing markets in the country.

If you are considering investing in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

Resorts World to be First “Mega-Resort” on Vegas Strip in Over Ten Years

LAS VEGAS, NV – Genting Group, a developer based in Malaysia, recently announced that they are on-target for the late 2020 completion of construction on the Resorts World Las Vegas Casino, despite some experts expressing doubts that such a goal is currently not realistic given the overall lack of progress since work began on the $4 billion project in 2017.

Genting originally purchased the 87-acre property – situated on the famed Las Vegas strip at the former site of the Stardust Casino – five years ago, but ran into issues that delayed the start of construction; the developer blamed the problems on logistical construction difficulties and negative fluctuations in Malaysian currency, known as the Ringgit. However, Genting has noted that they have resolved all issues pertaining to Resorts World Las Vegas and, in 2017, began work on the casino in earnest.

However, while some progress has been made at the 87-acre construction site as far as the overall structure is concerned, some are expressing doubts that Genting’s stated 2020 goal is attainable as certain major aspects have yet to be completed, such as the proposed glass siding. Some have said, given the lack of progress thus far, that a more realistic estimate would be 2021 at the very earliest, if not later.

Resorts World Las Vegas – anticipated as the first mega-resort to open its doors on the strip in over ten years – is slated to feature traditional Chinese architecture, with a red and white color scheme and a giant Chinese lantern hanging from the top of a tower. It will feature over 3,400 rooms divvied up between three towers, with a 100,000 square foot gaming floor, numerous restaurants with traditional Chinese cuisine, an amphitheatre, swimming pool, and many more amenities.

At this point, Genting’s website notes that the project will be  completed in phases – the company has stated that the project does not need to be 100 percent completed in order to open for business – and will target mid-market Chinese visitors, although the current and escalating trade war between the United States and China may throw a wrench in the works as far as discouraging tourism from that country, experts say.

“The first phase of Resorts World Las Vegas will be done in stages and will include a hotel; multiple restaurants including a variety of authentic, regional Chinese cuisines; over 100,000 square feet of innovative gaming space, numerous retail offerings; and a top-tier nightlife venue” states the Resorts World Las Vegas website.

Resorts World Las Vegas is Genting’s first project in Las Vegas; the developer also operates resorts in the Bahamas and the United Kingdom, as well as Malaysia, Singapore, South Korea.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – Steel tariffs instituted by the United States government have begin to make their presence felt upon several high-profile, ongoing construction projects in the Las Vegas area, driving up costs of many beyond the scope of their original estimates, according to reports.

Northwest Vegas’ Centennial Bowl construction has seen some issues related to the tariffs; an estimated $12 million has been added to the project’s original projected costs of the newest phase of work, a huge amount that the Nevada Department of Transportation has attributed to the newly-imposed taxes placed upon imported steel from several foreign sources. It is unknown if attempts were made to procure steel from domestic sources in order to avoid additional cost overruns.

The Centennial Bowl initially began construction in August of 2015, with the stated purpose of the project being a widening and upgrade to a six-mile segment of U.S. Highway 95 in northwest Las Vegas in order to reduce traffic congestion and provide a more efficient and safe corridor of travel for local residents. The project will expand the highway from its current four lanes of travel to an eventual six lanes, running from Durango Drive to Kyle Canyon Road. That work, coupled with a new series of entrance and exit ramps, is expected to create some much-valued breathing room for area motorists.

Currently, over than 52,000 vehicles traverse this section of highway with that amount of motorists anticipated to increase by at least 50 percent in the next 20 years. Needless to say, an upgrade was sorely needed. The first phase of work was finished in 2016; the next phase is due to begin at the end of 2018.

The Department of Transportation selected Las Vegas Paving as the main contractor for the new phase of the Centennial Bowl project, which involves building an additional three parkway ramps that will serve to join the 215 Beltway and U.S. Highway 95, in addition to two flyover bridges.

All of this construction involves a great deal of steel-reinforced concrete, and the initial estimate of $49-$59 million was bumped up to approximately $61.5 million, with the increased costs being attributed to the new steel tariffs. When the project cost was first estimated, structural steel was approximately costing $3.25 per pound and reinforcing steel $.80 per pound; officials now note that structural steel comes in at $9 per pound and reinforcing steel $.94 per pound.

The current deadline for completion of the new phase of the project is 2020.

Considering relocating to Vegas? Give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – Ground has officially broken and construction is underway on the first of at least 12 buildings that will encompass the Harry Reid Research and Technology Park at the University of Nevada, Las Vegas (UNLV), a $30 million project that the university says should generate as many as 25,000 jobs once it has been completed.

The first building, is expected to be completed next spring and is slated to come in at four stories and take up approximately 115,000-square feet. Developers working on the project are still in the process of finalizing when the entire twelve-building park will be completed, which is slated to consist of as many as 12-15 buildings with up to 1.5 million square feet of office space. The university anticipates that the facility will attract numerous technology businesses to the Las Vegas region.

Located adjacent to Durango Drive and the 215 Beltway, UNLV acquired the 122-acre property for the park in 2005 but was forced to delay construction efforts until now due to financial hardships brought on by the recession. Once completed, the park will offer UNLV students ample facilities to conduct research and engage in business and economic development projects; in addition, the park will also have space available for numerous businesses and partners, although who these specific enterprises are have yet to be divulged.

One complete and fully operational and with full occupancy, the par is expected to provide a vast array of employment opportunities for local residents and boast of an anticipated economic impact upon Las Vegas in the neighborhood of $2.6 billion. UNLV, considered a research university, has stated their goal as becoming a notable research institute and indents to pour approximately $120 a year into their efforts by 2025, focusing on research into technology and increasing the number of patent applications they submit on an annual basis.

The initial building currently under construction is known as an “innovation building,” and will feature offices, research space and lab space, in addition to amenities such as a basketball court and electric vehicle charging stations. UNLV and a corporate sponsor – to be announced in the near future – will be situated on the top two floors of the four-story building, with the bottom two floors being made available to businesses to lease.

Tenants are currently being sought and will be announced once signed, UNLV officials said.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – The Las Vegas real estate market is in high gear and showing no signs of slowing down; however, while the sales of property, both private and for business purposes remains at a level not seen in the region in over a decade and focus on the type of property is in a constant state of flux. While sales of single-family homes remain in the lead by far, recently an uptick has been seen in condominium and townhouse sales, proving that when it comes to homes of any type in Las Vegas, if you build it, they will come.

In June of 2018, Clark County saw yet another increase in home purchases to the tune of 944 home sales, representing an increase of nearly 12 percent over June of 2017; for the year to date, that comes to 5,156 home sales in total, a jump of 19.4 percent from year-to-year. According to reports, however, experts noted that a larger-than-usual number of those sales were comprised of condos and townhouses, illustrating a larger than usual jump when compared to recent figures.

Condo and townhouse sales represented a total of 11 percent of the new home sales during June of 2018, a total of 3 percent over the same period in 2017; June’s home sales median price came to $379,648, an increase of 11.9 percent year-to-year.

Sales numbers are expected to increase going forward, and construction of these types of dwellings are expected to increase in response; communities in particular that are expected to see additional options in terms of condos and townhouses are those set in Henderson, including Tuscany and Cadence, as well as Valley Vista in North Las Vegas.

Competition for affordable housing in Las Vegas has reached a fever pitch over the course of the last year, with the booming economy and job market attracting numerous businesses and newly-transplanted residents, all set on taking advantage of Southern Nevada’s low cost of living. However, the demand for housing for new arrivals to the region has seen home prices swell, especially as demand continues to outstrip supply by a wide margin.

Builders have struggled to keep up, and the latest numbers suggest they are finally beginning to get a foothold; the number of building permits issued in June of 2018 was 946 – bringing this years total up to 6,106 – a dip of 8.6 percent from the same period last year, but a year-to-year jump of 30 percent. With those numbers, experts predict that Las Vegas is on-pace to see over 12,000 building permits issued by the end of 2018.

Considering relocating to Vegas? Give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

Officials Report Las Vegas Raiders Stadium Construction On-Time, On-Budget

LAS VEGAS, NV – Construction on the Las Vegas Raiders Stadium is going along as planned, according to team officials, with the project currently at the 15 percent finished mark and proceeding both on-time and on-budget since its Nov. 15, 2017 groundbreaking. At this rate, without any surprises or mishaps, the stadium is well on its way of meeting its stated goal of hosting the start of the newly-transplanted NFL team’s 2020 season.

The $2 billion, 65,000 seat project – funded in-part by a bump in the existing Las Vegas hotel room tax to the tune of $750 million – is currently in the process of excavating a million cubic yards of earth for the construction of the stadium, although developers are unable to rule out the possibility of unearthing something that could create an unexpected snag in their timeline. While unforeseen issues are common when involved in project of this scale, but for the time being, things are proceeding smoothly, according to Minneapolis-based general contractor Mortenson Construction; almost 500 workers are now engaged on a daily basis in concrete work on walls and columns that will form the main support structures for the upper levels of the stadium.

August will see the arrival of prefabricated steel from suppliers in Wisconsin, with which developers will begin working on the vertical component of the construction phase; concerns that tariffs ordered by President Donald Trump on steel and aluminium would inflate projected costs of the project which are largely unfounded, developers said, as the majority of the raw materials were already ordered before said tariffs were implemented. There could be some minor price variations in cost when it comes to materials used by subcontractors, it was noted, but nothing that will affect the overall budget of the project.

The arrival of two cranes – each able to lift in excess of 2,000 tons – are anticipated soon, and will be utilized in raising the translucent polymer roof into position once it has been assembled at the construction site; once placed, the structure supported via a crisscrossing network of Swiss steel cables. In addition to the Raiders Stadium, work is also underway on a $100 million training facility and team headquarters located in the vicinity of Henderson Executive Airport, although according to reports that work is not proceeding at the same pace at on the stadium.

Meanwhile, little news has been made public by Raiders representatives as to the pricing of ticket packages, personal seat licenses, or general game admission; despite this, many individuals and organizations have already put money down in anticipation of when ticket information is finally announced, signifying the intense excitement that is being generated by the impending arrival of the Raiders to their new home in Las Vegas.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Since the end of the recession and the recovery of the Las Vegas housing market after the the mid-2000’s housing bubble, real estate – and prices – have been steadily climbing, fuelled by intense demand as money and businesses continue to flow into the Southern Nevada region to take advantage of the opportunity that lies within.

With demand currently far outstripping demand, Las Vegas is threatened with eventually losing its attractive status as a city with a very affordable standard of living when compared to much of the United States these days. At the moment – and for the foreseeable future – property prices in Las Vegas are among the fastest-rising in the country, and developers have seen rapid and massive profits as available homes have been snapped up in record time.

In order to combat these concerns, local builders have been attempting to ramp up construction in an attempt to increase the available number of homes and apartments on the market; it is hoped that such efforts will stabilise the rapidly climbing costs of real estate in Vegas as of late. And in order address those concerns specifically, builders have begun to place a greater emphasis on lower-cost housing options when it comes to their construction plans, according to reports.

Of the communities that have been completed and opened in 2018, approximately 25 percent of them have advertised base asking prices below $300,000, which represents an increase of 12 percent in projects with such price points over the same period one year ago; the median sale price of a home as of the end of this past May was $369,990 – an 8 percent jump from 2017 – so it’s easy to see that any home that starts under $300,000 can be seen as a boon to new families attempting to get a fresh start in the Las Vegas region.

Part of the business plans that have resulted in these cheaper home prices center around less expensive land prices as areas that had been previously overlooked by developers toughing it out during the recession are being snapped up for bargains today. In addition, greater numbers of apartments and condominiums in circulation – increasing completion for the dollars of those looking for a new place to live – are also helping to stabilise new home prices.

Las Vegas’ skyrocketing economy and real estate market are a large part of what’s putting it back on the map after over a decade of dormancy during the recession; experts are starting to worry that its sudden and rapid growth and expansion may be a case of too much, too soon, so the fact that local developers and builders are taking note of this fact and – adjusting their output accordingly in order to curb this trend and help retain the affordability that Las Vegas has come to be known for – ensures that the region’s upward financial climb will only continue unabated.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV –  According to reports, a light-rail system set along the Maryland Parkway corridor is currently being mulled over by Clark County city officials; if brought to fruition, the project would connect the downtown area with the University of Nevada, Sunrise Hospital and Medical Center, and McCarran International Airport. This development is seen to represent a major boon to the region, as once up and running, the nearly 9 mile, $750 million project could possibly result in upwards of $3 billion in local investments in offices, retail, entertainment, and housing development along its planned route. These estimates are based upon the positive financial impacts that similar railway projects have had in other American cities, including Denver, Colorado and Phoenix, Arizona.

The Regional Transportation Commission is currently set to announce their decision on the railway in September; if approved, the project is slated to be up and running by 2025. There are no indications yet if the RTC is leaning one way or the other on the potential light-rail system, but it’s known that they are also considering other, more cost-efficient choices to improve transportation along the Maryland Parkway corridor – an area that many experts feel is ripe for development – including a roadway improvement initiative with an estimated cost of approximately $29 million; however, the addition of some much-needed rapid transit lanes for buses could possibly run an additional $335 million. Expensive, yes, but still cheaper than the proposed train line.

However, the railway system has a great many supporters, and development is already underway; G2 Capital Development has invested heavily in this regard, as they are currently building University Gateway, a $60 million, eight-story mixed-use project along the Maryland Parkway corridor, in addition to a parking garage nearby. G2 has also purchased commercial development situated along the parkway – Campus Village – that may see a face-lift in the future if business warrants it. If the railway project comes to light, developer Mike Saltman has also announced his intention to construct a shopping center at one of the railway stations.

While $750 million isn’t chump change, the taxpayers of Clark County likely won’t have to foot the entire bill if the RTC approves the project; currently, county officials are looking into the possibility of acquiring a federal New Starts grant that could cover up to half of the costs associated with the project. In addition, local residents may get the chance to cast their votes for or against a possible hike of sales taxes that, if passed, would also contribute to the costs of the light-rail system. But before any federal grants would be applied for, the plans for the project would have to pass scrutiny in terms of any possible environmental impact they may have upon the proposed route, as well as review any public concerns along with any potential alternate projects.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.